CEXs' spot trading volume drops 16.3% in Q1 2025

Spot trading volume on centralized exchanges (CEXs) reached $5.4 trillion in the first quarter (Q1) of 2025, down 16.3% quarter-on-quarter (QoQ), according to CoinGecko’s 2025 Q1 Crypto Industry Report. Binance remained the top CEX in March with a 40.7% market share, even as its trading volume dropped to $588.7 billion after surpassing $1 trillion in December. HTX (formerly Huobi) was the only top 10 platform to record growth during the quarter, with its volume rising by 11.4%. Other leading exchanges experienced declines ranging from 1.8% to 34.0%, with Upbit posting the largest QoQ drop at 34.0%. Bybit suffered the steepest month-on-month (MoM) decline in March, with its trading volume plunging 52.4% after a major hack in February.